Bitcoin retreats below $63,500 as Middle East tensions trigger fresh risk-off selling
Bitcoin came under renewed pressure over the past 24 hours after failing to hold above the $65,000 area. The latest selloff was driven by a combination of profit-taking after this week's rally and a broader shift away from risk assets following renewed Iranian attacks on U.S. military facilities in the Gulf.
The deterioration in market sentiment pushed Bitcoin back below $63,500 as investors reduced exposure to higher-risk assets.
Hawkish Fed expectations add pressure
Although the latest U.S. inflation data initially supported digital assets, the market has shifted its focus toward the possibility that the Federal Reserve could keep interest rates elevated for longer after several Fed officials reiterated a cautious policy stance. Higher Treasury yields and a firmer U.S. dollar reduced demand for speculative assets, while geopolitical uncertainty further amplified defensive positioning across global financial markets.
ETF inflows provide an important stabilizing factor
Despite the latest decline, institutional demand has not disappeared. U.S. spot Bitcoin ETFs continue to attract net inflows, suggesting long-term investors are using recent weakness to gradually rebuild positions. While inflows remain smaller than during previous buying waves, they have helped prevent a deeper correction and indicate that institutional sentiment remains considerably healthier than during June's prolonged outflow period.
Technical outlook turns cautious again
The hourly chart shows Bitcoin breaking below its short and medium-term moving averages after rejecting resistance near $65,000. Price is now attempting to stabilize around the $63,000 support area, which remains the key level to watch. A decisive break below $63,000 would expose the recent lows near $62,000. On the upside, buyers first need to reclaim $64,000 before another attempt toward $65,000 becomes likely. As I have noted previously in Bitcoin pauses below resistance as macro optimism meets geopolitical uncertainty, the broader recovery remains incomplete, and recent price action suggests sellers have regained short-term control.
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